Sector Update: Energy

MT Newswires Live
Oct 10

Energy stocks declined Thursday afternoon, with the NYSE Energy Sector Index down 0.9% and the Energy Select Sector SPDR Fund (XLE) falling 1%.

The Philadelphia Oil Service Sector Index dropped 2.6%, and the Dow Jones US Utilities Index shed 0.2%.

Front-month West Texas Intermediate crude oil declined 1.8% to $61.45 a barrel, and the global benchmark Brent crude contract retreated 1.7% to $65.15 a barrel. Henry Hub natural gas futures fell 1.6% to $3.28 per 1 million BTU.

In corporate news, Civitas Resources (CIVI) is in talks to merge with Permian Basin rival SM Energy (SM) for a potential merger of equals, Bloomberg reported late Wednesday. Civitas shares dropped nearly 6%, and SM Energy fell 3.3%.

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